Wed, 16 Oct 2024 | ADMINISTRATION
A fourth-generation family furniture firm based in Lancashire has been acquired out of administration in a pre-pack deal saving 239 jobs.
Preston-based Plumbs, which first started trading from a market stall in 1953, specialises in the reupholstery of furniture from sofas to antique armchairs, providing made-to-measure furniture covers, and offering a range of home furnishings, including curtains and blinds. It serves customers throughout the UK.
In a family restructure the majority of the business and assets of the company has been sold by administrators PwC to a new trading company called Sarah Plumb. This includes the transfer of 239 employees with only two redundancies being made.
According to its most recent accounts filing to Companies House for the year to December 31, 2022 the company reported a £2 million rise in turnover from the previous year to £25 million. However, it also recorded a pre-tax loss of £486,000 compared with a £36,000 profit the year before.
It also had current assets of £3.9 million but creditor amounts falling due within one year of £4.3 million. It blamed the rise in inflation, operating costs and lower consumer confidence for the downturn. As a result of the challenges it was forced to close a production facility in Southampton.
Managing director Sarah Page said the pre-pack deal would help streamline the company ownership to those actively involved in its day-to-day operation and development.
“This marks a new chapter for the next generation of our family, who remain deeply committed to our founding principles of exceptional quality and personal, friendly service,” she said. “This transition ensures the continuation of our 60-year heritage. We are fully committed to growing the company’s future while continuing to deliver the outstanding products and services our customers have come to expect.”
As part of the deal the company said all existing customers orders were being honoured.
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